Panchsheel Organics announces land allotment in DMIC Vikram Udyogpuri Biotech Park near Indore

24 Nov 2022 , 09:18 AM

Panchsheel Organics Ltd has informed that the Company has been allotted a land admeasuring 19163 sq. meters (approx) 5 Acre on lease for 99 years at DMIC Vikram Udyogpuri Biotech Park near Indore for a total consideration of Rs3 crore excluding taxes and the Company is in the process of completing all the regulatory formalities.

As per the  filing, the source of funding includes part proceeds from fund raised through allotment of preferential shares and warrants and internal accruals /debt (if needed).

Further, this allocation and subsequent allotment of land within the DMIC Vikram Udyogpuri Biotech Park near Indore will allow us to setup an additional fermentation unit in Indore, over and above the new unit coming up in Pithampur, MP and de-risk ourselves from a single location.

This new facility will also have capability to manufacture API/Intermediates and can gradually be scaled up to 120 TPA at the same location.

Total investment envisaged in this project stands at up to Rs70 crore (excluding working capital requirements).

At around 9:18 AM, Panchsheel Organics Ltd is currently trading at Rs268.40 per share up by Rs4 or 1.51% from its previous closing of Rs264.40 per share on the BSE.

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